Pure Gold places Ontario mine on care and maintenance due to cash constraints. miningnews
, Pure Gold had booked an operating loss of C$18.5 million despite a 30% reduction in costs compared to the first quarter. Net loss and comprehensive loss totalled C$20.8 million. Both figures were higher than their comparative periods in 2021.
To date, none of the warrants have been exercised, and the company has so far been unable to obtain alternative outside financing in order to continue operations, complete its ongoing pre-feasibility study and life-of-mine plan, and continue its ongoing strategic review process. Pure Gold has also withdrawn its production guidance for the fourth quarter of 2022, which was previously set at 9,000-12,500 oz. The company had achieved its Q3 guidance, producing just over 9,000 oz.